Compared to the optimistic forecasts at the beginning of the year, Estonia's economy grew modestly by 1%, according to preliminary estimates. The construction market stabilised, with a slight increase in activity in the second half of the year in both the buildings and infrastructure segments. The construction price index increased by 1.5% in 2025 compared to 2024, primarily due to an upward trend in material prices.
Nordecon's revenue for 2025 decreased compared to 2024, primarily due to a roughly 10% decline in revenue generated by the Buildings segment. Revenue generated by the Infrastructure segment grew by 10%. The Buildings segment accounted for 81% of the group's total revenue, with no significant change in the revenue breakdown between segments compared to the prior year. In 2025, the group substantially increased its order book, paving the way for revenue growth in 2026.
The group's gross margin was 6.5% and operating margin was 2.7%. Net profit for the period was primarily affected by the foreign exchange loss caused by the weakening of the Ukrainian hryvnia against the euro.
During the year, i.e. compared to 31 December 2024, the group's order book grew by 30%, driven by a nearly threefold increase in the order book of the Infrastructure segment. Approximately 69% of the group's order book comprises work scheduled for 2026, with the remainder spread across 2027-2028.
Condensed consolidated interim statement of financial position
| €'000 | 31 December 2025 | 31 December 2024 |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 5,266 | 8,195 |
| Other investments | 1,088 | 0 |
| Trade and other receivables | 46,348 | 29,449 |
| Prepayments | 3,274 | 3,543 |
| Inventories | 26,022 | 28,091 |
| Total current assets | 81,998 | 69,278 |
| Non-current assets | ||
| Other investments | 1,887 | 77 |
| Trade and other receivables | 10,142 | 10,681 |
| Investment property | 5,517 | 5,517 |
| Property, plant and equipment | 12,234 | 13,247 |
| Intangible assets | 14,922 | 14,951 |
| Total non-current assets | 44,702 | 44,473 |
| TOTAL ASSETS | 126,700 | 113,751 |
| LIABILITIES | ||
| Current liabilities | ||
| Borrowings | 12,049 | 12,626 |
| Trade payables | 49,547 | 36,819 |
| Other payables | 9,993 | 10,260 |
| Deferred income | 15,249 | 12,472 |
| Provisions | 1,125 | 1,333 |
| Total current liabilities | 87,963 | 73,510 |
| Non-current liabilities | ||
| Borrowings | 5,708 | 5,720 |
| Trade payables | 1,605 | 5,091 |
| Provisions | 2,424 | 2,826 |
| Total non-current liabilities | 9,737 | 13,637 |
| TOTAL LIABILITIES | 97,700 | 87,147 |
| EQUITY | ||
| Share capital | 14,379 | 14,379 |
| Own (treasury) shares | (660) | (660) |
| Share premium | 635 | 635 |
| Statutory capital reserve | 2,554 | 2,554 |
| Translation reserve | 4,522 | 4,034 |
| Retained earnings | 6,185 | 4,746 |
| Total equity attributable to owners of the parent | 27,615 | 25,688 |
| Non-controlling interests | 1,385 | 916 |
| TOTAL EQUITY | 29,000 | 26,604 |
| TOTAL LIABILITIES AND EQUITY | 126,700 | 113,751 |
Condensed consolidated interim statement of comprehensive income
| €'000 | Q4 2025 | 12M 2025 | Q4 2024 | 12M 2024 | ||
| Revenue | 60,615 | 208,281 | 45,203 | 223,925 | ||
| Cost of sales | (56,999) | (194,746) | (41,200) | (207,155) | ||
| Gross profit | 3,616 | 13,535 | 4,003 | 16,770 | ||
| Marketing and distribution expenses | (154) | (433) | (121) | (422) | ||
| Administrative expenses | (2,056) | (6,814) | (2,867) | (7,878) | ||
| Other operating income | 84 | 154 | 141) | 286 | ||
| Other operating expenses | (595) | (791) | (67) | (695) | ||
| Operating profit | 895 | 5,651 | 1,089 | 8,061 | ||
| Finance income | 150 | 499 | 241 | 678 | ||
| Finance costs | (947) | (3,464) | (386) | (3,011) | ||
| Net finance costs | (797) | (2,965) | (145) | (2,333) | ||
| Profit before tax | 98 | 2,686 | 944 | 5,728 | ||
| Income tax expense | (141) | (141) | (326) | (563) | ||
| Profit (loss) for the period | (43) | 2,545 | 618 | 5,165 | ||
| Other comprehensive income (expense) Items that may be reclassified subsequently to profit or loss | ||||||
| Exchange differences on translating foreign operations | 93 | 488 | (254) | 248 | ||
| Total other comprehensive income (expense) | 93 | 488 | (254) | 248 | ||
| TOTAL COMPREHENSIVE INCOME | 50 | 3,033 | 364 | 5,413 | ||
| Profit (loss) attributable to: | ||||||
| - Owners of the parent | (299) | 1,439 | 454 | 3,827 | ||
| - Non-controlling interests | 256 | 1,106 | 164 | 1,338 | ||
| Profit (loss) for the period | (43) | 2,545 | 618 | 5,165 | ||
| Comprehensive income (expense) attributable to: | ||||||
| - Owners of the parent | (206) | 1,927 | 200 | 4,075 | ||
| - Non-controlling interests | 256 | 1,106 | 164 | 1,338 | ||
| Comprehensive income for the period | 50 | 3,033 | 364 | 5,413 | ||
| Earnings per share attributable to owners of the parent: | ||||||
| Basic earnings per share | 9.8 | 9.3 | 10.3 | |||
| Change against the comparative period, % | 5.3% | (9.7)% | (13.4)% |
While the group's nominal labour productivity decreased compared to the previous year due to a decline in revenue, its nominal labour cost efficiency increased, as the decrease in staff costs exceeded the decline in revenue.
Andri Hõbemägi
Nordecon AS
Head of Investor Relations
Tel: +372 6272 022
Email: andri.hobemagi@nordecon.com
www.nordecon.com
